HIRING A FRACTIONAL EXECUTIVE

It’s a new year! 1st Quarter is an ideal time to evaluate your business operations and consider whether support from new leadership could benefit your organization. Traditionally, companies value long executive tenures, often expecting leaders to stay five years or more to provide stability and develop a deep knowledge of company culture and operations. While this can be valuable, it’s also expensive, and can make it difficult to introduce fresh perspectives or adapt quickly.

Leadership teams that fail to introduce new executives from time to time may struggle to stay on the cutting edge of strategy and innovation, which may ultimately stunt growth. If your organization has a hard time hiring permanent leaders, navigating change, or gaining a variety of perspectives, hiring a Fractional -CFO, -CEO, -COO, or other executive consultant may be the right solution!

THREE BENEFITS OF HIRING A FRACTIONAL EXECUTIVE

1. Specialized Skills and Broad Experience
Many fractional executives enjoy working with multiple organizations over their professional career. This allows them to build a wide range of experience across industries and company sizes. As a result, they’ve tested numerous strategies, learned important lessons, and gained insight that can positively contribute to your operations.

Rather than wasting money and time testing unproven strategies, a fractional executive can navigate your company leaders to make decisions that work. According to SHRM, fractional C-suite executives can assess challenges and provide strategic solutions efficiently, which is highly valued by their coworkers and peers (SHRM, 2024).

2. Lower Overall Costs
Don’t have the resources to employ a highly-desirable executive? Fractional executives offer quality expertise without the financial investment of a full-time hire. When hiring a temporary employee, organizations can sometimes avoid expenses like full salaries, long-term benefits, and bonuses or equity shares.

Harvard Business Review suggests that fractional executives allow organizations to gain executive talent, “without the expense and long-term commitment of a full-time hire,” benefitting teams that need quality leadership while maintaining financial flexibility (HBR, 2024).

3. Faster Project Execution
Fractional executives know what they’re doing. When they bring a big portfolio of experience to the table, they are able to step into a new role efficiently. When hiring a fractional exec., it’s important to give them a clear plan regarding the support needed by your organization. From there, your new executive can accelerate project execution and help initiate growth with confidence.

HOW TO FIND THE RIGHT EXECUTIVE

So, now you may have decided that hiring a fractional executive is right for your business operations. However, identifying and securing top fractional executives can be challenging. Because of this, working with a sourcing firm is extremely valuable.

WHY WORK WITH EXECUTIVE OUTSOURCING?

Working with a specialized firm like Executive Outsourcing can put your hiring process on a fast track and takes time off of your hands, so that your team can gain a fractional executive worth hiring. These are 3 reasons why you should hire a fractional executive with the help of Executive Outsourcing.

1. Efficient Hiring Process
Sourcing firms, like Executive Outsourcing, consistently maintain networks of qualified, top-level executives and get fresh updates when executives are on the look for work. While your leadership team remains focused on internal operations, Executive Outsourcing can manage sourcing, screening, and evaluating qualified candidates.

2. Deep Evaluation of Leadership Fit
Executive success is contingent on more than just technical skills. Brand sentiment, leadership style, and strategic thinking all matter when sourcing a top executive. Harvard Business Review notes that effective leaders must care about the future direction of your organization as much as they care about your team’s current state (HBR, 2024).

Executive Outsourcing recruiter and Partner, Amanda Gladden, evaluates executive talent based on goal alignment, leadership capability, strategic performance, and cultural fit, ensuring that each executive complements your existing team.

3. Market Intelligence and Hiring Knowledge
The hiring market is always evolving. That is why Executive Outsourcing stays ‘in the know’ with hiring trends, executive expectations, and market changes such as talent shortages and slow periods.

Find Fractional Talent with Executive Outsourcing Today!
Fractional executives offer a strategic perspective, specialized insights, and impactful leadership, without the cost or long-term decision of a full-time hire. When working alongside the right sourcing firm, this process becomes a breeze! If your organization sits down this month to evaluate First Quarter objectives, and year-long initiatives, be sure to take a moment to identify leadership needs, as well. When you do, know that Executive Outsourcing can help you source, assess, and secure the right fractional executive to navigate your growth challenges and opportunities.

Reach out to Executive Outsourcing today to propel your business forward with the leadership your team needs.

Sources:
https://www.shrm.org/executive-network/insights/3-attributes-of-successful-fractional-c-suite-execs
https://hbr.org/2024/07/how-part-time-senior-leaders-can-help-your-business
https://www.executiveoutsourcing.com/